单季理财赚百亿！“拒不分红” 拼多多要当 “巴菲特”？

Core Viewpoint - Pinduoduo has accumulated significant cash assets and is facing the critical question of how to utilize these funds effectively as it transitions from a growth phase to a mature phase [1] Group 1: Financial Performance - In the second quarter, Pinduoduo's cash or idle funds that can generate interest or be invested totaled approximately 538.8 billion RMB, equivalent to about 75 billion USD [3] - The company's interest and investment income for the quarter reached a substantial level of 10 billion RMB, which is notable compared to the 25.8 billion RMB operating profit from core business [1][3] - The average quarterly income from interest and investments remains around 5.3 billion RMB, consistent with the previous year's performance [1] Group 2: Investment Strategy - Pinduoduo's short-term investments, which account for 60% of its investment portfolio, primarily consist of fixed deposits and held-to-maturity bonds, with a growing portion allocated to stock trading, increasing from 17.2 billion RMB in 2023 to 44.5 billion RMB in 2024 [5][10] - The company has maintained a clean balance sheet with minimal external equity investments or cross-industry mergers, focusing instead on core e-commerce operations [9] - The overall return on cash and investment assets has remained between 4-5%, aligning with the risk-free rate of U.S. Treasury bonds [13] Group 3: Capital Allocation Considerations - Pinduoduo's return on equity (ROE) for the first half of the year was 13.5%, significantly higher than the 4-5% return on idle cash, indicating a clear priority for capital allocation [15] - The company faces two main options for future capital allocation: either increase investments in core business areas or consider dividends and share buybacks as growth slows [15][16] - The current strategy appears to lack effective market value management, raising concerns about potential declines in ROE and overall valuation if cash accumulation continues without strategic deployment [16]